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Flutter Entertainment Edges Toward Full London Delisting as US Centre of Gravity Hardens

The world's largest gambling group confirms LSE listing review in Q1 2026 earnings, with a decision due by end-June; BlackRock crosses 5% threshold and FanDuel CEO Amy Howe departs amid the strategic reset.

Category: iGaming News - Global · By Growl Games Editorial Team · Sat May 16 2026 · Updated Thu Jul 23 2026

Flutter Entertainment Edges Toward Full London Delisting as US Centre of Gravity Hardens

Contents

1. Summary

Flutter Entertainment, owner of FanDuel, Paddy Power, Betfair, Sky Bet, PokerStars and Sportsbet, confirmed on 6 May that it is reviewing its secondary London Stock Exchange (LSE) listing, with the company stating the review "may result in the delisting of Flutter's ordinary shares from the LSE." A decision is expected by the end of Q2 2026, with an update promised to shareholders in June. The NYSE primary listing is unaffected. The disclosure, tucked into the Q1 2026 earnings release, lands alongside a guidance cut, the departure of FanDuel CEO Amy Howe and a 5%-plus position taken by BlackRock. Less than two years after moving its primary listing to New York, the world's largest gambling group looks set to sever its last formal tie to London.

2. The Q1 Disclosure

The Q1 2026 release dated 6 May contained the line: "We are undertaking a review of our London Stock Exchange listed ordinary shares. The conclusion of this review may result in the delisting of Flutter's ordinary shares from the LSE." Flutter said the review will conclude during Q2 2026 and the NYSE listing will not be affected by the outcome. Flutter has traded in London since Betfair's £1.4 billion IPO in 2010 and moved its primary listing to the NYSE in May 2024 under the ticker FLUT, retaining FLTR as a secondary London line. The closest parallel is CRH, the Irish building materials group, which switched its primary listing to the NYSE in September 2023, launched a review of its residual LSE listing in February 2026, and completed its delisting on 20 April, citing trading activity and the cost and regulatory burden of retaining the London listing.

3. Q1 2026 Financials and Guidance Cut

Flutter reported Q1 group revenue of $4.3 billion, up 17% year-on-year. The US segment generated $1.76 billion of that — approximately 41% of group revenue — driven by 19% iGaming growth through FanDuel; US sportsbook revenue grew just 1%, with betting handle down 9% and average monthly sportsbook players down 6%. US adjusted EBITDA fell 26% to $119 million on prediction-market investment and continued sportsbook execution challenges. Group adjusted EBITDA reached $631 million, up 2%, with margin down 210 basis points. Net income dropped 38% to $209 million. Flutter trimmed full-year 2026 revenue guidance to $18.305 billion (from $18.4 billion) and adjusted EBITDA to $2.865 billion (from $2.97 billion), citing unfavourable sports results, Arkansas state launch costs and prediction-market investment. UK and Ireland operations face an additional structural headwind from the Remote Gaming Duty rise from 21% to 40%, effective 1 April.

4. FanDuel Management Shake-Up

Announced alongside Q1 results on 6 May, Amy Howe departed as CEO of FanDuel after leading the business since 2021 and cementing its US sportsbook leadership. Christian Genetski, previously President of FanDuel, now runs the business day-to-day. Dan Taylor, previously CEO of Flutter International, moves into the newly created role of President of Flutter Entertainment, overseeing both the US and international operations. CEO Peter Jackson has flagged a "sports improvement plan" to recover sportsbook engagement that softened in Q4 2025, and indicated FanDuel will invest $200-300 million in prediction-market product development — consistent with the launch and continued investment in FanDuel Predicts.

5. Shareholder Base Shifts West

BlackRock disclosed on 12 May that it had crossed the 5% threshold, taking its position in Flutter to 5.12%. Of Flutter's nine largest investors, six are now US-based; The Vanguard Group, Capital Group and US-born Cayman-based billionaire Kenneth Dart (more than 25% of the company) are among the largest holders. London-based Parvus Asset Management has raised its stake to 10.7%. Flutter is also continuing a $5 billion share buyback programme, with a $250 million tranche nearing completion. CEO Peter Jackson said in a recent fireside chat that "we are continuing to execute very well in iGaming" in the US and that Flutter is "incredibly well placed to use our scale there." Shares are down roughly 49% over the past 12 months by some measures, and Jefferies analysts argue the price now "implies almost no future growth from its US business."

6. Another Symbolic Hit for the LSE

A full Flutter delisting would mark another high-profile departure from London's public markets. CRH delisted in April; fintech Wise moved its primary listing west; equipment rental group Ashtead and travel group TUI have followed similar paths. Drugmaker Indivior, investment firm Petershill Partners and Deliveroo (acquired by DoorDash) also exited. The LSE has added new entrants — tuna producer Princes Group and small-business lender Shawbrook listed at the end of 2025 — but Flutter's potential exit removes the largest gambling operator from London's roster, leaving Entain, Gaming Realms, Playtech and Rank as the main publicly listed gambling stocks on the exchange. A final outcome is expected before the end of June.

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